Gold, silver see modest selling on price corrections

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In overnight news, Australia’s central bank left its monetary policy unchanged at its regular meeting. The RBA said that while inflation is easing, it’s easing more slowly than expected and it will be some time before inflation is in the RBA’s target zone. Technically, the gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,250.00. First resistance is seen at this week’s high of $2,341.90 and then at $2,350.00. First support is seen at $2,315.00 and then at $2,300.00. Wyckoff's Market Rating: 6.5.

Jim is the proprietor of the"Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected"Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com.

Source: Financial Digest (financialdigest.net)

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